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Headlines about the gloomy prospects for the economy, the possibility of yet another dip into recession or a renewed leg of the European “crisis” never seem far away. Cyprus has been in the spotlight. Despite having an economy one tenth of the size of Greece’s, concerns have risen about its ability to destabilise the broader euro system and confidence wider still.

Nevertheless, despite these uncertainties, and sub-par growth in Europe, financial markets have shown renewed vigour in recent months. The global equity index is up by about 5.5 per cent since the start of this year, with the United States